Autumn Budget 2017

Chancellor Philip Hammond delivered his first Autumn Budget on Wednesday 22nd November, against a backdrop of political and economic uncertainty fuelled by the ongoing Brexit negotiations and the downward revision of the UK growth figure by the Office of Budget Responsibility to 1.5% in 2017. 

The Budget included a number of important measures, such as extending taxation to overseas investors in UK commercial property, the abolition and tapering of stamp duty land tax on purchases of properties worth up to £500,000 for first-time buyers, and proposals on the taxation of the Digital Economy. Other significant areas, such as the tax implications of employment status, are to be addressed following responses to consultations, most of which will be published either with the Finance Bill on 1 December, or early in 2018.

For advice on any of the topics covered within the Autumn Budget, and how they may have an impact on your business or personal finances, please give me or one of the team a call on 01628 760000. We would be delighted to hear from you.

Daniel Reid
Partner

"A forward-looking Budget"
Keng Cheong

From the media coverage, you could be forgiven for thinking that the only good thing that came out from the Budget was the abolishment of stamp duty for certain properties. Whilst it is understandable to feel the Budget had a certain bias towards youth, there was also additional support for innovative and knowledge intensive companies. In fact, you could say it was a rather forward-looking Budget. Read more

"Government targets high growth expanding businesses"
Anita Gossain

The Autumn Budget saw the government targeting investment in high growth expanding business with changes to the SEIS, EIS and VCT rules that focus reliefs on higher risk investments.

The tax-free personal allowance on income tax will rise to £11,850 and the higher rate threshold will increase to £46,350. The rise, in line with inflation, comes into effect in April 2018 and will see a fall in tax of up to £340 per year. The National Living Wage is to rise by 4.4% in April 2018 from £7.50 an hour to £7.83. Read more